The launch of a company called FLiK founded by an Atlanta executive named Ryan Felton and co-owned by rapper "T.I." has led to a lawsuit by investors who say they were defrauded out of millions and a federal investigation alleging money raised for the company was instead used to buy a $1.5 million Buckhead mansion.
Launched by Felton in 2017, FLiK claimed to be "a young and innovative company that aims to bring creative entertainment projects to life, and give creatives from around the world the opportunity to earn a living in an inherently difficult industry." FLiK said it was developing an online distribution platform that will allow creatives to sell or rent their work.
To raise funds for FLiK, Felton promoted an "initial coin offering" of FLiK "tokens."
In August 2017, the FLiK website announced that the rapper Clifford J. Harris, known professionally as "T.l.," had joined the FLiK team as a co-owner. Harris posted a message on Twitter in which he proclaimed the company was "about to change #Hollywood!!!"
To read more about this story, head over to the Atlanta Business Chronicle.
